Compendium admissions 2023-25
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- Third-Party Logistics
- INVENTORY MANAGEMENT
| Example: For a furniture manufacturer, inbound logistics would involve wood, glue, fabrics, screws, nails, paint, and safety glasses, while outbound logistics would involve the finished furniture. Reverse Logistics The process of moving products from the end customer to the supplier is reverse logistics. It consists of the following steps collecting, inspection, sorting, reconditioning, and distribution. Products that are carried out using reverse logistics are recycled or repurposed. The goods are picked up from your address by the company. As a result, the process of getting the product from your side to the company is known as reverse logistics. Third-Party Logistics The sole goal of third-party logistics is to move goods from one location to another. It makes no difference if the transaction is between a consumer and a seller or vice versa. They accept responsibility forgetting 76 the goods to the correct locations at the appropriate times. Instead of spending time overseeing delivery services, it enables firms to concentrate on their core competencies. Supply chain management is challenging because there are numerous moving elements and complications, even though the supply chain appears linear. Some businesses divide the supply chain upstream and downstream to streamline their operations. The upstream supply chain is the supply side supply chain, supplier->manufacturer. Whereas the downstream supply chain is the demand side supply chain, manufacturer->final customer INVENTORY MANAGEMENT Inventory management is placing orders, holding items, utilizing them, and then selling them on behalf of a business. This covers the administration of things such as raw materials, processing parts, finished goods, and their storage and processing. One of a company's most significant assets is its inventory. An organization's raw materials and finished goods are the heart of its operations in industries with high inventories, including retail, manufacturing, food services, and others. When and where inventory is needed, a shortfall can be very harmful. In addition, inventory can be seen as a liability (if not in an accounting sense. The danger of spoilage, theft, damage, or changes in demand is higher when there is a large inventory. Inventory must be insured, and if it is not sold in a timely manner, it may need to be destroyed or sold at a discount. Download 4.08 Mb. Share with your friends:
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